Soaring U.S. Debt Is a Spending Problem

[BabyBoomer50s]

It’s the spending stupid.

Soaring U.S. Debt Is a Spending Problem

“Revenue is stable, but outlays are reaching new heights as a share of GDP.”

“You may have heard that the 2017 GOP tax cuts blew a giant hole in the federal budget—or so Democrats tell voters. The Congressional Budget Office’s revised 10-year budget forecast out Tuesday offers a reality check. Spending is the real problem, and it’s getting worse.

“Notably, CBO’s revenue projections are little changed. Revenue is expected to total 17.2% of GDP this year—roughly the 50-year average before the pandemic, as the nearby chart shows. But CBO significantly revised up projections for federal spending. Outlays are now expected to hit 24.2% of GDP this year and average 24% over the next decade.”


https://www.wsj.com/articles/u-s-de...g35p20gsiqm2fev&reflink=article_copyURL_share

 

[Fuzzy1975]

It’s the spending stupid.

Soaring U.S. Debt Is a Spending Problem

“Revenue is stable,

LOL Revenue is stable. WTF does that mean??? Well what do you expect when idiots write articles for idiots who want to believe what they write.

 

[dkovic77]

So you are saying… it’s not recent issue but a long lasting one…

How will you put that as a problem for one person over another? Hmmmm

Plus the new height was during 45’s term….this has been fun.

Getting ready to enjoy another summer? How’s your armband doing? You wear it to the beach too? How do you keep from burning? You move the arm band to try to get an even tan?

 

[adrina]

Get the marginal tax rate back to Reagan's era and we might be able to talk.

Trump's tax cuts cost us almost $8 trillion to the debt. And if elected he wants to add more.

 

[BabyBoomer50s]

LOL Revenue is stable. WTF does that mean???

As the chart shows, it’s been averaging around 17% of GDP for the last 50 years.

 

[Fuzzy1975]

As the chart shows, it’s been averaging around 17% of GDP for the last 50 years.

Yes, and what's the relationship between inflation and the GDP for the past 50 years. Not to mention the increase in population,defered deficits. A whole slew of other economic factors.

Trust me, if I sat around the boardroom saying Revenue has been stable, and that all we needed to do was decrease Spending, my ass would have been kicked out the door, and all I would have heard were sounds of laughter.

 

[Lazaran]

Yep, "republican" fiscal policy over the last 50 YEARS is the primary contributing factor that has led to the current debt crisis.

Trickle down economics FAILED:

Full stop.



Of course, a sociopathic fuckhead probably sees the lack of APPROPRIATE FUNDING for the IRS, Social Security, Medicare, FEMA, etc, over the last 50 YEARS as a "success". because it provides them with the ability to plead "poverty" as an excuse for why social benefits, etc, have to be cut NOW.



JFC

SAD!!!

 

[Fuzzy1975]

Yep, "republican" fiscal policy over the last 50 YEARS is the primary contributing factor that has led to the current debt crisis.

Trickle down economics FAILED:

Full stop.



Of course, a sociopathic fuckhead probably sees the lack of APPROPRIATE FUNDING for the IRS, Social Security, Medicare, FEMA, etc, over the last 50 YEARS as a "success. because it provides them with the ability to plead "poverty" as an excuse for why social benefits, etc, have to be cut NOW.



JFC

SAD!!!

I've got no problem if you guys want to cut SS Medicare etc, as long it's everyone who see's the cuts,immediately. In other words, Boomer, Ican't Ish and AJ also see and feel those cuts. After all, they are the fuckers who made the mess. Why should the next generation pick up the tab?

 

[LLCox]

Repukes are known for there fiscal constructiveness. They like to vote against spending and then when it passes go home and say they brought home the bacon.

 

[Lazaran]

I've got no problem if you guys want to cut SS Medicare etc, as long it's everyone who see's the cuts,immediately. In other words, Boomer, Ican't Ish and AJ also see and feel those cuts. After all, they are the fuckers who made the mess. Why should the next generation pick up the tab?

Unfortunately, just as universal tax cuts disproportionately benefit the wealthy, universal cuts to benefits disproportionately punish the less affluent.



A clawback of the wealth that was transferred / funneled to the wealthy via "republican" tax cuts over the past 50 YEARS is the only just way to begin addressing the projected shortfalls, imho.

 

[Fuzzy1975]

Unfortunately, just as universal tax cuts disproportionately benefit the wealthy, universal cuts to benefits disproportionately punish the less affluent.



A clawback of the wealth that was transferred / funneled to the wealthy via "republican" tax cuts over the past 50 YEARS is the only just way to begin addressing the projected shortfalls, imho.

You think any of my aforementioned names are wealthy?

 

[Lazaran]

You think any of my aforementioned names are wealthy?

Not really "wealthy", but BabyBoobs makes noises like they have some accumulated wealth.

And my comment was intended to be interpreted more broadly / generally.

 

[schism666]

baby-boom had no opinion because he has no idea what his thread is actually about.

 

[BabyBoomer50s]

Not really "wealthy", but BabyBoobs makes noises like they have some accumulated wealth.

And my comment was intended to be interpreted more broadly / generally.

The thread is about what’s driving federal deficits and the national debt. It’s not about my personal finances or anyone else’s personal finances. Government finance and household finance are very different. One thing they have in common however is that over the long haul, debt will accumulate when the rate of spending increases faster than the rate of income growth.

 

[schism666]

debt will accumulate when the rate of spending increases faster than the rate of income growth.

 

[Lazaran]

The thread is about what’s driving federal deficits and the national debt. It’s not about my personal finances or anyone else’s personal finances. Government finance and household finance are very different. One thing they have in common however is that over the long haul, debt will accumulate when the rate of spending increases faster than the rate of income growth.

Responsible adults start putting away EXTRA funds when major expenditures are obviously apparent and looming on the horizon: A wedding,; the birth of a child; kid’s college; retirement; funeral expenses; etc.

The "republicans" economic policies, in slavish service to their wealthy donors, not only FAILED to put away EXTRA funds (increased revenues) for the looming retirement of the Baby-Boomers over the past 40-50 YEARS , but their policies actually REDUCED funding (decreased revenues) for critical benefits programs.

That ^ was done on purpose, imho, so they could plead governmental “poverty" as an excuse for cutting benefits NOW.

Hope that ^ helps.



BabyBoobs

 

[Fuzzy1975]

debt will accumulate when the rate of spending increases faster than the rate of income growth.

True, and you're the one asking for tax cuts. IE Revenue cuts...

The debt is not an issue, if you increase revenue. So cut your fucking social programs such as SS or Medicare (not bloody likely) or increase taxes...(or you could cut your military budget, but then hey, you'd not be able to bully other countries around and you'd have to negotiate, just like the rest of us do)

 

[JohnEngelman]

The increase in the national debt is a taxing problem. The national debt as a percentage of gross domestic product only began to grow when President Reagan cut the top tax rate from 70% to 28%.

https://www.thebalancemoney.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

Currently there is little support for specific cuts in the domestic budget, and much support for higher taxes on the rich.

------------------

Fox News Poll: Voters favor taxing the wealthy, increasing domestic spending​

By Victoria Balara Fox News
Published January 24, 2019 5:55pm EST

Voters prefer increasing spending on domestic programs over cutting taxes and reducing spending, and their preferred way to finance that spending -- is tax the wealthy.

That’s according to a Fox News Poll released Thursday.

Fifty-one percent of voters want to spend more on programs such as infrastructure, national defense, education, and health care. That includes 63 percent of Democrats, 50 percent of independents, and 39 percent of Republicans.

CLICK TO READ THE COMPLETE POLL RESULTS.

Forty percent prefer the federal government cut taxes, spending, and regulations.

https://www.foxnews.com/politics/fo...xing-the-wealthy-increasing-domestic-spending

 

[JohnEngelman]

Get the marginal tax rate back to Reagan's era and we might be able to talk.

Trump's tax cuts cost us almost $8 trillion to the debt. And if elected he wants to add more.

 

[Veroe]

This national debt bullshit again.

Every Republican is full of nothing but hypocritical bullshit on this. When they talk about this they only ever mean "let's drag Social Security onto the chopping block", but they never ever want to even acknowledge how much taxpayer money is just flushed down the toilet to never even be accounted for in the catacombs of the pentagon's budget when they are the very heart of darkness when it comes to wasteful government spending.

So don't listen to them when they talk about "Entitlement Reform" but approve another billion after another billion dollars for the Defense budget every fucking year.

 

[JohnEngelman]

This national debt bullshit again.

Every Republican is full of nothing but hypocritical bullshit on this. When they talk about this they only ever mean "let's drag Social Security onto the chopping block", but they never ever want to even acknowledge how much taxpayer money is just flushed down the toilet to never even be accounted for in the catacombs of the pentagon's budget when they are the very heart of darkness when it comes to wasteful government spending.

So don't listen to them when they talk about "Entitlement Reform" but approve another billion after another billion dollars for the Defense budget every fucking year.

Currently the U.S. yearly military budget is $831,781 million.

We are number one in military spending.

China is in second place with $227,000 million.

Russia is in third place with $109,000 million.

https://www.globalfirepower.com/defense-spending-budget.php

If you add military spending by our NATO allies, Ukraine, Japan, Taiwan, South Korea, and Israel, our superiority over all of our potential military rivals combined is insurmountable. We also have the lead in the precision guided munitions that won the Gulf War so easily for us. For Republicans it is never enough. They always want to spend more because defense contractors are major Republican campaign donors.

 

[Veroe]

Currently the U.S. yearly military budget is $831,781 million.

We are number one in military spending.

China is in second place with $227,000 million.

Russia is in third place with $109,000 million.

https://www.globalfirepower.com/defense-spending-budget.php

If you add military spending by our NATO allies, Ukraine, Japan, Taiwan, South Korea, and Israel, our superiority over all of our potential military rivals combined is insurmountable. We also have the lead in the precision guided munitions that won the Gulf War so easily for us. For Republicans it is never enough. They always want to spend more because defense contractors are major Republican campaign donors.

It's not just republicans, Dems approve 800 billion dollars that the Pentagon can only ever seem to account for half of where it goes, but yeah, I understand your point.

So, how's about we next year only give the DOD the half of their budget they can account for and put the other 400 billion they'd lose anyway into Saving Social Security for a few more years then they wouldn't have to try putting the lipstick on a pig every election cycle by calling slashing Social Security "Entitlement Reform" like that'll make it hurt less when your retirement benefits is taken from you.

 

[BabyBoomer50s]

True, and you're the one asking for tax cuts. IE Revenue cuts...

The debt is not an issue, if you increase revenue. So cut your fucking social programs such as SS or Medicare (not bloody likely) or increase taxes...(or you could cut your military budget, but then hey, you'd not be able to bully other countries around and you'd have to negotiate, just like the rest of us do)

The federal government has been collecting an average of about 17% of the national income annually over the last five decades. At the same time, it has been spending an increasing share of the national income. Hence the debt problem. The choices are to either bring spending in line with revenue, or take a greater share of the national income by raising taxes.

 

[JohnEngelman]

The federal government has been collecting an average of about 17% of the national income annually over the last five decades. At the same time, it has been spending an increasing share of the national income. Hence the debt problem. The choices are to either bring spending in line with revenue, or take a greater share of the national income by raising taxes.

For years popular opinion surveys have indicated majority support for higher taxes on the rich and corporations.

https://www.google.com/search?q=pol...AAYFhgeGA-YAx-SBwQxNS4yoAemeA&sclient=gws-wiz

There is no need for an accross the board tax increase. The rich have plenty of money.

 

[HisArpy]

It's not just republicans, Dems approve 800 billion dollars that the Pentagon can only ever seem to account for half of where it goes, but yeah, I understand your point.

So, how's about we next year only give the DOD the half of their budget they can account for and put the other 400 billion they'd lose anyway into Saving Social Security for a few more years then they wouldn't have to try putting the lipstick on a pig every election cycle by calling slashing Social Security "Entitlement Reform" like that'll make it hurt less when your retirement benefits is taken from you.

The defense spending which isn't accounted for line by line, buys freedom the average person doesn't see. Without it the US military would be exactly like the military of other nations, a paper tiger.

But, because of the clandestine portions of the NDAA appropriation we have better training and weaponry than our adversaries. We have built a reputation as the most capable fighting force in the world. And we have programs which are on the cutting edge of technology and designed to keep our superiority above all challengers solidly in place.

For all you whiners who will still complain, our military is also the most gentle and most humanitarian force on the planet. This is possible because we don't have to train our people to be sadistic butchers to instill fear in our adversaries. That's because of the black programs and spending for them which keep our fighting forces elite and effective.

And of course sometimes we get glimpses of what that money bought. The SR71 Blackbird is a great example of this. One model hangs in the Smithsonian and is something you can actually see.